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CURRENT AFFAIRS : BANKING & FINANCE
RBI Instructs Bajaj Finance to Halt Lending Through ‘eCOM’ and ‘Insta EMI Card’ Produ
- The Reserve Bank of India (RBI), under section 45L(1)(b) of the Reserve Bank of India Act, 1934, has directed Bajaj Finance Limited to cease the sanction and disbursal of loans under its ‘eCOM’ and ‘Insta EMI Card’ products.
- The directive is effective immediately, requiring Bajaj Finance to stop the sanction and disbursal of loans under the specified products.
Non-Compliance Reasons :
- The action is a result of Bajaj Finance’s non-compliance with certain norms, specifically related to the Digital lending guidelines of the RBI.
- Non-issuance of Key Fact Statements to borrowers under ‘eCOM’ and ‘Insta EMI Card’ products and deficiencies in Key Fact Statements for other digital loans were cited as reasons.
- The RBI will review the directive after Bajaj Finance rectifies the deficiencies to the satisfaction of the central bank.
Historical RBI Actions :
- The RBI has taken similar actions against players in the banking and financial services industry for non-compliance, especially on the digital front.
- In December 2020, the RBI had directed private sector banking heavyweight HDFC Bank to cease new activities aimed at building digital businesses and told it to stop taking on new credit card customers after the lender faced multiple data centre glitches.
- The central bank had lifted all the restrictions placed on HDFC Bank in March 2022.
- In March 2022, Paytm Payments Bank was barred from adding new customers by the RBI due to likely gaps in its technology systems.
About Bajaj Finance Limited :
- Founded : 25 March 1987
- Headquarters : Pune, Maharashtra
- CEO : Rajeev Jain
- Bajaj Finance Limited a subsidiary of Bajaj Finserv, is an Indian non-banking financial company.
- As per the 2023 list of NBFCs issued by the Reserve Bank of India, Bajaj Finance Limited holds the 2nd position in the upper layer based on scale-based regulation guidelines.
RBI Directs 25% Increase in Risk Weights for Commercial Banks’ Consumer Credit Exposure to 125%
- The Reserve Bank of India (RBI) has asked institutions to increase the risk weights with respect to consumer credit exposure of commercial banks by 25% to 125%, merely a month after flagging the high growth in certain components of consumer credit and asking NBFCS, banks to strengthen internal surveillance mechanisms.
- The 25% risk weight increase applies to personal loans but excludes certain categories such as housing loans, education loans, vehicle loans, and loans secured by gold and gold jewellery.
Key Highlights :
- Changes for NBFCs’ Consumer Credit Exposure : RBI has also decided that the consumer credit exposure of NBFCs, which are categorised as retail loans, will now attract a risk weight of 125%, up from 100% before.
- This excludes housing loans, educational loans, vehicle loans and loans against gold jewellery and microfinance/SHG loans.
- Credit Card Receivables Risk Weight : Credit card receivables for scheduled commercial banks, previously with a 125% risk weight, have been increased to 150%. NBFCs’ risk weights for credit card receivables have also been hiked by 25% to 125%.
- Risk Weight for Loans to NBFCs : Banks’ NBFC exposure :Banks will also have to set aside a 25 percentage point higher risk weight for loans to NBFCs, excluding core investment companies.
- However, this will only be applicable if the current risk weight, ascertained per the external credit rating assigned to the NBFC, falls below 100%.
- Loans to HFCs (housing finance companies), and those eligible for classification as priority sector will be excluded.
- The increase in risk weights will only be applicable if the NBFCs are in the AAA, AA or A categories where the risk weights are lower than 100%.
- Top-Up Loans and Treatment as ‘Unsecured Loans’ : In addition, all top-up loans extended by banks and NBFCs against movable assets will need to be treated as ‘unsecured loans’ for credit appraisal, prudential limits and exposure purposes.
- Review of Sectoral Exposure Limits : The RBI also asked lenders to review their sectoral exposure limits for consumer credit, and put in place board approved limits for various sub-segments, especially all unsecured consumer credit exposures, as part of prudent risk management.
- Implementation Deadline : The deadline for implementing the board-approved limits is set for February 29, 2024.
- Growth in Bank Credit to NBFCs : Bank credit to NBFCs registered a 26.3% year-on-year growth, reaching ₹14.2 lakh crore as of September 2023.
- This accounted for 9.4% of bank credit, up from 8.9% a year ago.
RBI Levies ₹90.92 Lakh Penalty on Axis Bank and ₹42.78 Lakh Fine on Manappuram Finance for Regulatory Non-Compliance
- The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹90.92 lakh on Axis Bank Limited.
Reasons for Penalty ;
- The penalty is a result of non-compliance with certain directions issued by the RBI on various aspects, including ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’, ‘Loans and Advances – Statutory and Other Restrictions’, ‘Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks‘, and ‘Code of Conduct for Opening and Operating Current Accounts’.
- The Reserve Bank Stated that after examination of the Risk Assessment Report/Inspection Report pertaining to ISE 2022, Scrutiny Report and all related correspondence in that regard, it observed that the Axis Bank failed to preserve records pertaining to the identification of customers and their address in certain cases, and made persistent calls to some of the customers.
- Legal Basis for Penalty : The penalty has been imposed under the powers vested in the RBI, as conferred by the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949.
- Penalties on Other Entities : The RBI has also imposed monetary penalties on Manappuram Finance Limited and Anand Rathi Global Finance for deficiencies in regulatory compliance.
- Penalty on Manappuram Finance : Manappuram Finance Limited, Thrissur, has been penalized ₹42.78 lakh for non-compliance with certain provisions of the “Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016″.
- Penalty on Anand Rathi Global Finance : Anand Rathi Global Finance Limited, Mumbai, faces a monetary penalty of ₹20 lakh for non-compliance with certain provisions of the Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
- Deputy Governors : Swaminathan Janakiraman, Michael Patra, M. Rajeshwar Rao, T Rabi Sankar
Federal Bank’s New Ad Film, ‘Karo Bachaane Ki Shuruaat Bachpan Se,’ Portrays a Child’s Innocent Promises for a Grand Diwali
- Federal Bank’s latest ad film, titled ‘Karo Bachaane Ki Shuruaat Bachpan Se,’ focuses on a child, Ishaan, making innocent promises to enhance the next Diwali for the entire family.
About ‘Karo Bachaane Ki Shuruaat Bachpan Se’ :
- ‘Karo Bachaane Ki Shuruaat Bachpan Se’ is a campaign that centres around a young protagonist, Ishaan, whose aspirations are funnelled by the guidance of his supportive mother.
- The heart-warming campaign underscores the significance of starting savings early in childhood as a crucial step towards financial empowerment.
- The campaign encourages children not to doubt their ability to fulfil promises but to take proactive steps towards making them a reality.
- The campaign promotes Federal Bank’s financial products, including Savings Accounts, Recurring and Fixed Deposits, as well as Credit and Debit Cards, presenting them as instruments for saving and availing various offers.
About Federal Bank :
- Established : 23 April 1931
- Headquarters : Aluva, Kochi, Kerala, India
- MD & CEO : Shyam Srinivasan
- Tagline : Your Perfect Banking Partner
Federal Bank Adopts UPI Lite for Streamlined Digital Transactions
- Federal Bank has launched the UPI (Unified Payment Interface) Lite functionality for small-value digital payments.
- UPI Lite allows an individual to store money in their UPI Lite on-device wallet and make offline payments to merchants.
Key Highlights :
- NPCI introduced UPI Lite – a simplified version of the Unified Payments Interface (UPI) system to cater to the growing demand for faster and more efficient small-value payments.
- The Reserve Bank of India (RBI) had launched the UPI Lite functionality in September 2022 during its Monetary Policy Meet (MPC).
- The solution runs off existing UPI ecosystem protocols for mobile phones to ensure commonality, compliance and system acceptance.
- UPI LITE experience is intended to be a customer-friendly approach to enabling low value transactions without utilising a Remitter bank’s core banking systems (CBS) in real-time, while providing adequate risk mitigation.
- The primary objective behind launching UPI Lite is to alleviate stress on CBS caused by the high volume of UPI transactions.
Benefits of UPI Lite for Customers :
- The benefits of UPI Lite for Customers include a reduction in transaction time, a ready-to-access bank statement, a higher payment success rate, and enhanced security.
- A UPI lite account can be created within the existing UPI app without downloading a new app.
- UPI Lite is an ‘on-device wallet’ feature integrated into existing UPI apps.
- It enables users to make real-time small-value payments without the need for a UPI PIN.
- By facilitating direct transactions between the user’s mobile device and NPCI, UPI Lite alleviates stress on the core banking system.
- Activating UPI Lite is seamless.
- Users can enable the UPI Lite feature in their existing UPI app that supports Lite functionality.
- The process involves logging in, accepting terms and conditions, specifying the amount, selecting the linked bank account, and confirming the request with their UPI PIN.
- According to the Federal Bank press release, the transaction limits for UPI Lite are as follows :
- Per transaction limit: up to Rs 500
- Maximum cumulative usage per day: Rs 4,000
- Maximum balance in UPI Lite account at any point in time: Rs 2,000
RBI Allows Qualified Jewellers to Import Silver Through India International Bullion Exchange IFSC Ltd (IIBX)
- The Reserve Bank of India (RBI) issued a notification permitting qualified jewellers to import silver through India International Bullion Exchange IFSC Limited (IIBX) in the same way that gold imports are permitted.
- Import banks have been directed by the RBI to permit qualified jewellers importing silver to remit advance payment for 11 days.
- This aligns with the existing situation for gold imports.
Key Highlights :
- Eligibility Criteria for Qualified Jewellers : Qualified Jewellers eligible for importing silver are those as notified by the International Financial Services Centres Authority (IFSCA).
- Specific Import Codes for Silver : Qualified Jewellers are permitted to import silver under specific Import Trade Control (ITC) Harmonized System (HS) Codes through IIBX.
- Authorization for AD Category-I Banks : Authorised Dealer (AD) Category-I banks are authorized to allow qualified jewellers to remit advance payment for eleven days for the import of silver through IIBX.
- It has been decided that Authorised Dealer (AD) Category-I banks may allow Qualified Jewellers to remit advance payment for eleven days for import of silver through IIBX subject to the conditions as mentioned in A.P. (DIR Series) Circular No.04 dated May 25, 2022.
- Communication to Consumers : AD Category-I banks are instructed to inform their consumers about the contents of this circular, emphasizing the changes in the silver import policy.
CURRENT AFFAIRS: NATIONAL NEWS
Shri Dharmendra Pradhan leads Education Ministers’ Session of 2nd Voice of Global South Summit
- The Union Minister for Education and Skill Development & Entrepreneurship, Shri Dharmendra Pradhan, chaired the Education Ministers’ Session at 2nd Voice of Global South Summit held in New Delhi.
- The summit, operating under the theme ‘Together for everyone’s growth, with everyone’s trust,’ addressed critical issues, particularly in education.
- The Education Ministers deliberated on the theme of ‘Making human resources future-ready’.
- Ministers/ Dignitaries of 14 countries from the Global South – Botswana, Brunei Darussalam, Georgia, Tunisia, Iran, Lao PDR, Malawi, Myanmar, Republic of Palau, Democratic Republic of São Tomé and Príncipe, Albania, Malaysia, Zimbabwe, Cameroon – participated virtually in the session and shared their insights.
Key Highlights
- The 2nd Voice of Global South Summit aims to serve as a platform to share the outcomes of various G20 meetings, sustain momentum generated from the previous summit, and discuss ways to achieve shared aspirations for inclusive and equitable international development.
- Deliberations will also focus on harnessing digital technologies to bridge the digital divide and strengthening cooperation in developing life, technical, and vocational skills.
- The summit’s outcomes are expected to inform the deliberations at the upcoming G20 Virtual Summit hosted by India on 22nd November 2023.
- There are 8 Ministerial sessions during the Summit.
- The Summit, with the theme ‘Together, for Everyone’s Growth, with Everyone’s Trust’ would focus on sharing with countries of the Global South the key outcomes achieved in various G20 meetings over the course of India’s Presidency.
- Key ideas and suggestions emerging from the members of the Global South at the 2nd VOGSS will also be informed during the next G-20 Virtual Summit, to be hosted by India on 22 November 2023.
India hosts the 33rd Conference of the WOAH Regional Commission for Asia and the Pacific at New Delhi
- India hosted the 33rd Conference of the WOAH (World Organization for Animal Health) Regional Commission for Asia and the Pacific from November 13 to 16, 2023.
- This 4-day event was organized by the Department of Animal Husbandry & Dairying, MOFAHD at New Delhi.
Key Highlights
- Union Minister of Fisheries, Animal Husbandry, and Dairying, Shri Parshottam Rupala addressed the valedictory function of the event.
- In his address, the Minister highlighted deep-rooted significance of animal welfare in the rich tapestry of Indian tradition and culture exemplifying the interconnectedness of all living beings.
- He echoes the concept of “Vasudhaiva Kutumbakam,” meaning the world is one family, underscores the importance of harmonious coexistence and interconnectedness among humans, animals, and the environment.
- He further added that the welfare of animals is integral to the ethos of Indian culture and Sanskriti, which aligns seamlessly with the modern concept of the global One Health movement, emphasizing the interdependence of human, animal, and environmental health and the importance of collective efforts for the welfare of all living beings
President Droupadi Murmu to inaugurate International Conference-cum-Exhibition on ‘Aerospace and Aviation in 2047’ tomorrow
- President Droupadi Murmu will inaugurate a two-day International Conference-cum-Exhibition on ‘Aerospace and Aviation in 2047’ in New Delhi.
- The Aeronautical Society of India, AeSI is organising the event to commemorate 75 years of excellence of the AeSI.
- The inaugural session will include the release of a Compendium on 75 years of aerospace and aviation journey in India as well as Vision Document 2047.
- The event will focus on India’s journey in the field over the last 75 years, showcasing the achievements, technological advancements, and the role of great visionaries.
- It will be attended by one thousand 500 delegates including dignitaries, international experts, scientists, industrialists, academia, start-ups, and students.
- About 200 industries and MSMEs, including more than 75 start-ups, will showcase indigenous capabilities at the exhibition.
- Many heads of organizations and departments will deliver visionary talks during the conference.
PM Modi launches Rs 24,000 crore project for development of vulnerable tribal groups
- The Prime Minister of India launched a Rs 24,000-crore project for vulnerable tribal groups on the 148th birth anniversary of tribal icon Birsa Munda (‘Janjatiya Gaurav Diwas’ – Nov 15) from Jharkhand’s Khunti district.
- The PM Janjati Adivasi Nyaya Maha Abhiyan is meant to ensure last-mile welfare scheme delivery and protection for Particularly Vulnerable Tribal Groups (PVTGs).
- According to the Ministry of Tribal Affairs (MoTA), India has 75 PVTGs, who are characterised by –
- Pre-agriculture level of technology, Stagnant or declining population, Extremely low literacy, and Subsistence level of economy.
- PVTGs were recognised as a separate category based on the findings of the 1961 Dhebar Commission.
- Data from the MoTA and the 2011 Census shows that Odisha has the largest population of PVTGs at 8.66 lakh, followed by MP at 6.09 lakh and Andhra Pradesh (including Telangana) at 5.39 lakh.
- Under PM JANMAN, the government will reach out to tribal groups and primitive tribes most of whom still dwell in the forests.
- This will protect the tribes on the verge of extinction and nurture them.
Key Highlights
- Birsa Munda (15 Nov 1875 – 9 June 1900) was a freedom fighter and a tribal leader, whose spirit of activism in the late 19th century, is remembered to be a strong mark of protest against British rule in India.
- He belonged to the Munda tribe (of Chotanagpur plateau) and his revolt mainly concentrated in the Munda belt of Khunti, Tamar, Sarwada and Bandgaon of Jharkhand.
- Prime Minister also launched the ‘Viksit Bharat Sankalp Yatra’ to ensure saturation of flagship govt schemes.
- He flagged off IEC (Information, Education and Communication) vans in Khunti to reach out to people and create awareness and provide benefits of welfare schemes. He said that the government is taking continuous efforts to achieve 100 percent saturation of central government schemes.
- The focus of the Yatra will be on reaching out to people, creating awareness and providing benefits of welfare schemes like sanitation facilities, essential financial services, electricity connections, access to LPG cylinders, housing for the poor, food security, proper nutrition, reliable healthcare, clean drinking water, etc. Enrolment of potential beneficiaries will be done through details ascertained during the Yatra.
- Viksit Bharat Sankalp Yatra will continue till January 26 next year.
- The Prime Minister also released the 15th instalment of about 18000 crore rupees under PM-KISAN Samman Nidhi to benefit more than 8 crore farmer beneficiaries.
- The Prime Minister also dedicated to the nation and laid the foundation stone of multiple development projects worth around 7200 crore rupees under Education, Railway, Coal, Roads and Petroleum Ministry in Jharkhand.
- He also emphasised the need to strengthen four pillars women, farmers, youth and middle class and poor for the development of the nation.
CURRENT AFFAIRS : INTERNATIONAL NEWS
Public Concern Arises as One of the World’s Most Active Volcanoes, Mount Etna, Begins Eruption
- Mount Etna, one of the world’s most active volcanoes located in Italy, erupted, causing public concern.
About Mount Etna :
- Mount Etna is Europe’s most active volcano, among the largest globally, and holds the status of the most active stratovolcano in the world.
- The eruptive column from Mount Etna’s recent eruption is estimated to be more than 14,700 feet above sea level.
- Recorded volcanic activity of Mount Etna dates back to 1500 B.C., indicating its long history of eruptions.
- Mount Etna stands at an elevation of about 3,326 metres, making it the highest peak in Italy south of the Alps.
What are volcanoes?
- Volcanoes are defined as openings or vents where lava, tephra (small rocks), and steam erupt onto the Earth’s surface, occurring both on land and in the ocean.
- Volcanoes are a result of their own eruptions and the general formation of the Earth, influenced by the movement of tectonic plates.
What is a stratovolcano?
- A stratovolcano, also known as a composite volcano, has a conical shape formed by layers of volcanic material deposited during successive eruptions.
- Stratovolcanoes slope gently at the base but rise quickly near the summit, forming tall mountain peaks.‘
- They are typically found above subduction zones, and they are often part of large volcanically active regions, such as the Ring of Fire that frames much of the Pacific Ocean.
Israel Admits Deploying Advanced Arrow 3 Missile Interceptor in Confrontation with Iran-Backed Houthi Rebels
- Israel has confirmed the use of its advanced Arrow 3 missile interceptor against Iran-backed Houthi rebels.
- This marks the first deployment of the Arrow-3 missile system since its introduction.
About Arrow-3 Missile Defence System :
- Arrow-3 Missile Defence System is an exo-atmospheric anti-ballistic missile defence system for long-range threat engagement.
Development and Deployment :
- The missile was jointly developed by Israel Aerospace Industries and the Missile Defence Agency in the United States (US).
- Initially deployed in 2017, Arrow-3 is the top layer of Israel’s sophisticated air-defense network.
Functionality and Range :
- It is designed to take out ballistic missiles while they are still outside of the atmosphere.
- It uses two-stage solid-fueled interceptors to engage short- and medium-range ballistic missiles and consists of a launcher, radar, and battle management system.
Features of Arrow-3 :
- It provides a range of 2,400km and can intercept threats at an altitude of 100km.
- It has early warning and fire control radar.
- It provides extended-range acquisition as well as multi-target acquisition and tracking capabilities.
Working Mechanism :
- It uses hit-to-kill technology to destroy incoming missiles.
- The missile is launched vertically, and then the direction is changed towards the estimated interception point.
- The high-resolution electro-optical sensor acquires the target for the kill vehicle to hit the target and destroy the warhead.
About Israel :
- President : Isaac Herzog
- Prime Minister : Benjamin Netanyahu
- Capital : Jerusalem
- Currency : New shekel
CURRENT AFFAIRS : STATE NEWS
9th edition of India International Science Festival (IISF) 2023 Scheduled for January 17th-20th, 2024, in Faridabad, Haryana
- The 9th edition of the India International Science Festival (IISF) 2023 is scheduled to take place in Faridabad, Haryana, from January 17th to 20th, 2024.
- The event will be hosted at the Campus of Translational Health Science and Technology Institute (THSTI) and Regional Centre for Biotechnology (RCB) of the Department of Biotechnology in Faridabad.
- The theme for IISF 2023 is ‘Science and Technology Public Outreach in Amrit Kaal.’
Objective of IISF 2023 :
- IISF 2023 aims to provide a platform for inspiring the public at large and individuals with diverse levels of interests, like students, educators, scientists, researchers, industry professionals, entrepreneurs, and science communicators.
Key Highlights :
- IISF 2023 will have a total of 17 themes to showcase scientific achievements, offering diverse benefits to participants and the general public.
- The IISF is dedicated to fostering creativity in Science, Technology and Innovation for the advancement of prosperous India.
- It is an initiative of the Ministry of Science and Technology and the Ministry of Earth Sciences in association with Vijnana Bharati.
- Since 2015, the IISF has hosted eight editions in different geographical regions of India and expanded as a mega science festival.
- In 2021, the Department of Space and the Department of Atomic Energy became an integral part of IISF.
Note :
- The 8th edition of the India International Science Festival (IISF) was inaugurated at the Maulana Azad National Institute of Technology (MANIT), Bhopal, on January 21, 2023 & the theme of the four-day festival is Marching towards Amrit Kaal with Science, Technology, and Innovation.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Acko Appoints Actor R Madhavan as the ‘Voice of the Customer
- Acko, the insuretech company, has introduced actor R Madhavan as its latest collaborator and ambassador.
Role :
- Madhavan’s role at Acko goes beyond being a recognizable face; he is designated as the ‘voice of the customer’ in the insurance domain.
- This partnership signifies a welcome shift in the way consumers have been perceiving and navigating insurance, a sector that has been operating at a trust deficit in India.
Key Highlights :
- Addressing Trust Deficit : Acko aims to address the trust deficit in the insurance sector, marking a departure from past uncertainties and skepticism.
- Transparent and Dependable Experience : Acko’s objective is to ensure that customers can rely on the brand for a transparent and dependable insurance experience.
About Acko General Insurance :
- Founded : November 2016
- Headquarters : Mumbai, Maharashtra, India
- Founder : Varun Dua
- Acko General Insurance is a private sector general insurance company in India.
- The company received its license from the Insurance Regulatory and Development Authority of India in September 2017.
CURRENT AFFAIRS : DEFENCE NEWS
Indian Armed Forces to Induct Nirbhay Long-Range Attack Cruise Missile for Targets Beyond 1,000 km
- The Indian armed forces will be inducting the long-range attack cruise missile Nirbhay into their inventory to strike targets at ranges over 1,000 km.
About Nirbhay Cruise Missile :
- Nirbhay Cruise Missile is a long-range sub-sonic cruise missile.
- It is India’s first indigenously-produced cruise missile.
- The missile was developed by the Bengaluru-based Aeronautical Development Establishment, a lab under India’s Defence Research and Development Organisation (DRDO).
- It is capable of deep penetration into adversary territory to strike high-value targets with precision.
Features :
- The Nirbhay measures 6.0 m in length, 0.5 m in body diameter, and weighs 1,500-1,600 kg at launch.
- It can strike land targets at a distance of up to 1,000 kilometres.
- It uses a solid propellant booster motor that is jettisoned shortly after launch, switching over to a turbojet engine.
- It is capable of loitering and cruising at Mach 0.7 (sub-sonic) at altitudes as low as 100 metres.
- It can be armed with a 200-300 kilogram warhead.
- It can carry both conventional and nuclear warheads.
- It is guided by INS/GPS with an active-radar terminal seeker.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
MKU Limited Introduces the World’s First Rifle-Rated Ballistic Helmet, Kavro Doma 360
- Kanpur-based MKU Limited unveiled the world’s first rifle-rated ballistic helmet-Kavro Doma 360 at Milipol Paris.
- It was indigenously developed by MKU Limited.
Features :
- The world’s first uniform rifle protection helmet: It offers uniform protection in all 5 zones of the head (front, back, left, right, and crown) against threats like the AK-47 MSC, M80 NATO BALL, and M193 rifle bullets.
- When a helmet is bolted, the risk of the bolt penetrating the skull on impact is higher due to weakened areas.
- It has a boltless shell, which means it provides 40% more protection area against even AK-47 assault rifles than standard helmets.
- It’s the first rifle-rated helmet that can maintain a resulting Back Face Signature/Trauma of less than 20 mm, against bullet impact from AK-47 bullets.
- The ‘Back Face Signature’ is a way to measure how much a protective helmet deforms or indents on the inside due to the impact of a high-energy bullet.
- The Kavro Doma 360 absorbs impact, substantially reducing the risk of injury due to resulting trauma to the wearer’s head.
About MKU Limited :
- Founded : 1985
- Headquarters : Kanpur, Uttar Pradesh, India
- Managing Director : Neeraj Gupta
IIT Madras Researchers Create App for Inter-City Goods Transportation with Zero Commission
- Faculty members, students, and alumni of the Indian Institute of Technology Madras (IIT Madras) collaborated to design and develop a mobile application called ‘OptRoute’ for efficient goods transportation within cities.
About ‘OptRoute’ app :
- The ‘OptRoute’ app connects drivers directly with consumers and operates without charging any commission or on-boarding fees. Payments from consumers go directly to the driver, eliminating intermediaries.
- The first version of the app has been developed and commercialised through OptRoute Logistics, a start-up incubated at IIT Madras. N.S. Narayanaswamy from the Department of Computer Science and Engineering co-founded the start-up.
- The basic ideas behind the App were presented during the 2020 Genetic and Evolutionary Computation Conference (https://doi.org/10.1145/3377930.3389804) held in Cancun, Mexico.
Objective of OptRoute :
- To address connectivity issues between drivers and customers in the goods logistics and transport domain.
- The main issues faced are unavailability of return load for transporters and vehicle capacity under-utilisation.
User Modes in the App :
- The OptRoute application features two user modes: Driver and Customer.
- In the Customer mode, users can place goods transport requests requiring a vehicle.
- In the Driver mode, users can view available requests and accept them.
The key points of differences between OptRoute and existing services include:
- Zero-commission per transaction and nominal subscription based service model
- Direct payment from consumer to driver
- High scalability of the software system and operations
- A single app for both drivers and customer
CURRENT AFFAIRS: MOUS AND AGREEMENT
Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain Agreement signed by the 14 IPEF Partners
- The Indo-Pacific Economic Framework for Prosperity (IPEF) recently signed an agreement to strengthen its supply chain and ensure adherence to labour rules.
- This is a first-of-its-kind international agreement that will fortify and strengthen global supply chains, foster adaptability, stability and sustainability.
- Indo-Pacific Economic Framework for Prosperity (IPEF)is a regional arrangement to build cooperation and economic integration in the Indo-Pacific region.
- It was launched by United States President Joe Biden on May 23, 2022.
- This framework is intended to advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for member economies.
Key Highlights
- IPEF will seek to complement and build on existing regional architecture and support the global rules-based trading system.
- It currently includes 14 partner countries: Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the United States, and Vietnam.
- The economic framework broadly rests on four pillars:
- Trade
- Supply chain resilience
- Clean Energy, Decarbonization, and Infrastructure
- Taxes and anti-corruption measures
- The IPEF is not a Free Trade Agreement (FTA), but it allows members to negotiate the parts they want to.
- India has been actively participating in the IPEF, but not in all pillars.
- India has decided to opt out of the trade pillar of the IPEF as most issues promoted by the IPEF do not align with India’s trade policies.
National Health Authority (NHA) organises Accelerator Workshops on ABDM Integration and NHCX Adoption in association with IRDAI
- The National Health Authority (NHA) and the Insurance Regulatory and Development Authority of India (IRDAI) have joined hands to operationalize the National Health Claim Exchange (NHCX).
Key Highlights
- National Health Claim Exchange (NHCX) is a digital health claims platform developed by the National Health Authority.
- It will serve as a gateway for exchanging claims-related information among various stakeholders in the healthcare and health insurance ecosystem.
- It is designed to be interoperable, machine-readable, auditable and verifiable, as well as help ensure the information exchanged is accurate and trustworthy.
- To encourage adoption of digital health transactions and digitization of patient health records in the country, NHA has also announced financial incentives under the Digital Health Incentive Scheme (DHIS) from Jan 2023.
- Under the DHIS, to encourage efficiency in insurance claim processing, there is a provision that for every insurance claim transaction through NHCX, financial incentives of Rs 500 per claim or 10% of the claim amount, whichever is lower would be provided for the hospitals.
- National Health Authority (NHA) is the apex body responsible for implementing Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY).
- It has been entrusted with the role of designing strategy, building technological infrastructure and implementation of “National Digital Health Mission” to create a National Digital Health Eco-system.
- It is the successor of the National Health Agency, which was functioning as a registered society. According to the Cabinet decision for full functional autonomy, the National Health Agency was reconstituted as the National Health Authority in January 2019.
- It is governed by a Governing Board chaired by the Union Minister for Health and Family Welfare.
- It is headed by a Chief Executive Officer (CEO), an officer of the rank of Secretary to the Government of India, who manages its affairs.
Daily CA One- Liner: November 18
- The Reserve Bank of India (RBI), under section 45L(1)(b) of the Reserve Bank of India Act, 1934, has directed Bajaj Finance Limited to cease the sanction and disbursal of loans under its ‘eCOM’ and ‘Insta EMI Card’ products.
- The Reserve Bank of India (RBI) has asked institutions to increase the risk weights with respect to consumer credit exposure of commercial banks by 25% to 125%, merely a month after flagging the high growth in certain components of consumer credit and asking NBFCS, banks to strengthen internal surveillance mechanisms.
- The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹90.92 lakh on Axis Bank Limited.
- Federal Bank’s latest ad film, titled ‘Karo Bachaane Ki Shuruaat Bachpan Se,’ focuses on a child, Ishaan, making innocent promises to enhance the next Diwali for the entire family.
- Federal Bank has launched the UPI (Unified Payment Interface) Lite functionality for small-value digital payments.
- The Reserve Bank of India (RBI) issued a notification permitting qualified jewellers to import silver through India International Bullion Exchange IFSC Limited (IIBX) in the same way that gold imports are permitted.
- The Union Minister for Education and Skill Development & Entrepreneurship, Shri Dharmendra Pradhan, chaired the Education Ministers’ Session at 2nd Voice of Global South Summit held in New Delhi.
- India hosted the 33rd Conference of the WOAH (World Organization for Animal Health) Regional Commission for Asia and the Pacific from November 13 to 16, 2023.
- President Droupadi Murmu will inaugurate a two-day International Conference-cum-Exhibition on ‘Aerospace and Aviation in 2047’ in New Delhi.
- The Prime Minister of India launched a Rs 24,000-crore project for vulnerable tribal groups on the 148th birth anniversary of tribal icon Birsa Munda (‘Janjatiya Gaurav Diwas’ – Nov 15) from Jharkhand’s Khunti district.
- The Indo-Pacific Economic Framework for Prosperity (IPEF) recently signed an agreement to strengthen its supply chain and ensure adherence to labour rules.
- The National Health Authority (NHA) and the Insurance Regulatory and Development Authority of India (IRDAI) have joined hands to operationalize the National Health Claim Exchange (NHCX).
- Mount Etna, one of the world’s most active volcanoes located in Italy, erupted, causing public concern.
- Israel has confirmed the use of its advanced Arrow 3 missile interceptor against Iran-backed Houthi rebels.
- The 9th edition of the India International Science Festival (IISF) 2023 is scheduled to take place in Faridabad, Haryana, from January 17th to 20th, 2024.
- Acko, the insuretech company, has introduced actor R Madhavan as its latest collaborator and ambassador.
- The Indian armed forces will be inducting the long-range attack cruise missile Nirbhay into their inventory to strike targets at ranges over 1,000 km.
- Kanpur-based MKU Limited unveiled the world’s first rifle-rated ballistic helmet-Kavro Doma 360 at Milipol Paris.
- Faculty members, students, and alumni of the Indian Institute of Technology Madras (IIT Madras) collaborated to design and develop a mobile application called ‘OptRoute’ for efficient goods transportation within cities.
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